IMF Says Egypt Inflation Battle Takes Priority Over Pound Reform

The International Monetary Fund said Egypt’s battle against record consumer-price growth is its first focus, potentially easing pressure on authorities to imminently enact a much-anticipated currency devaluation.

“We prioritize fighting inflation and then of course we will look at the exchange-rate regime in that context,” Managing Director Kristalina Georgieva said in an interview Sunday with Sky News Arabia at the COP 28 climate summit in Dubai. “We were asked to help Egypt with inflation-targeting,” which is “very wise because inflation is the enemy of the poor,” she added.